Shares of Solar Industries have gained nearly 75 percent this year.
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Shares of Solar Industries India Ltd, the largest manufacturer of industrial explosives and explosive initiating systems in India hit a 52-week high in intraday trading on Thursday.
Revenue for the quarter also doubled on a year-on-year basis.
The company said that gross margins contracted nearly 230 basis points year-on-year, but expanded 640 basis points on a quarter-on-quarter basis due to higher realisation and stable raw material cost.
Solar Industries also became the first private sector company in India to receive an export order for ready to use ammunition worth Rs 300 crore.
After the earnings, ICICI Direct said it was maintaining its ‘BUY’ rating on the stock with a 12-month target price of Rs 4,700.